ReAssure Pension Policy - Massive value decrease

Hello,  I have not been on here for a long time.  My husband was supposed to retire in July 2022 but he is continuing working until we find our retirement home in france and move over.  So he is not drawing any pension whatsoever till we move.  He received his Reassure Pension Statement and we know its not much but it was worth £1999.74 August 2020 and now it has lost £588.90 due to charges and investment performance to £1410.84.

Should he invest it elsewhere ? He has a few small pensions with previous employers and we just want to leave them and forget about them until they are needed.

He is 66  works shifts 5 days a week and I am 55 (I am still working part time).

Thanks for reading.


Mortgage Free 2016Work Part Time:DHouse Hunting In France 2023

Comments

  • dunstonh
    dunstonh Posts: 119,197 Forumite
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    Should he invest it elsewhere ? 
    You haven't told us where it is invested at the moment.  However, the scale of the loss suggests either technology or gilts



    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Butterfliesarepretty
    Butterfliesarepretty Posts: 1,984 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    edited 4 February 2023 at 6:16PM
    dunstonh said:

    Should he invest it elsewhere ? 
    You haven't told us where it is invested at the moment.  However, the scale of the loss suggests either technology or gilts



    Its invested with Reassure?  

    Mortgage Free 2016Work Part Time:DHouse Hunting In France 2023
  • dunstonh
    dunstonh Posts: 119,197 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    dunstonh said:

    Should he invest it elsewhere ? 
    You haven't told us where it is invested at the moment.  However, the scale of the loss suggests either technology or gilts



    Its invested with Reassure?  

    ReAssure are the administrator.   it is where it is invested that matters.  Not who provides the administration.   What is the fund name(s)?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Albermarle
    Albermarle Posts: 27,052 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    He has a few small pensions with previous employers and we just want to leave them and forget about them until they are needed.   it is too late to do anything about them

    I would suggest that you start looking into the details of the pensions, and how they are invested, to try and avoid any more nasty shocks like the one you have detailed.

  • Ok we will look into who its invested with.    The statement mentions Pension Pot, then under Fund is L&G Over 15 Year Gilts Index Fund Pension Accumulator Series 17 at a unit price of £16.69600.  Below it says L&G Cash Fund Pension Accumulator Series 17 unit price £1.6120.  Charges paid to reassure £7.13.
    Mortgage Free 2016Work Part Time:DHouse Hunting In France 2023
  • Linton
    Linton Posts: 18,051 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Hung up my suit!
    edited 7 February 2023 at 11:15PM
    Ok we will look into who its invested with.    The statement mentions Pension Pot, then under Fund is L&G Over 15 Year Gilts Index Fund Pension Accumulator Series 17 at a unit price of £16.69600.  Below it says L&G Cash Fund Pension Accumulator Series 17 unit price £1.6120.  Charges paid to reassure £7.13.
    Yes that explains things.  All long term bond values were very badly hit when interest rates went up last year.   This was a one-off event marking the end of falls in interest rates stretching back 40 years.  So it is not expected to happen again in the medium to long term but sadly a recovery could take a long time.

    It is not the fault of Reassure or that particular fund.more a matter of bad luck with the timing.  Perhaps the choice of long term gilts could be questioned with the benefit of hindsight but the severity of the events of the past year surprised many people.

    Your Cash Fund should have been very little affected.
  • bostonerimus
    bostonerimus Posts: 5,617 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Linton said:
    Ok we will look into who its invested with.    The statement mentions Pension Pot, then under Fund is L&G Over 15 Year Gilts Index Fund Pension Accumulator Series 17 at a unit price of £16.69600.  Below it says L&G Cash Fund Pension Accumulator Series 17 unit price £1.6120.  Charges paid to reassure £7.13.
    Yes that explains things.  All long term bond values were very badly hit when interest rates went up last year.   This was a one-off event marking the end of falls in interest rates stretching back 40 years.  So it is not expected to happen again in the medium to long term but sadly a recovery could take a long time.

    It is not the fault of Reassure or that particular fund.more a matter of bad luck with the timing.  Perhaps the choice of long term gilts could be questioned with the benefit of hindsight but the severity of the events of the past year surprised many people.

    Your Cash Fund should have been very little affected.
    ...except by inflation.
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
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